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            <li class="nav-item" data-bs-level="1"><a href="#pb" class="nav-link">低PB小市值低换手策略</a>
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            <li class="nav-item" data-bs-level="2"><a href="#1" class="nav-link">1. 策略分类和核心逻辑</a>
              <ul class="nav flex-column">
              </ul>
            </li>
            <li class="nav-item" data-bs-level="2"><a href="#2" class="nav-link">2. 选股条件</a>
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              </ul>
            </li>
            <li class="nav-item" data-bs-level="2"><a href="#3" class="nav-link">3. 核心筛选流程</a>
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            <li class="nav-item" data-bs-level="2"><a href="#4" class="nav-link">4. 买入条件</a>
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            <li class="nav-item" data-bs-level="2"><a href="#5" class="nav-link">5. 卖出条件</a>
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            <li class="nav-item" data-bs-level="2"><a href="#6" class="nav-link">6. 仓位管理</a>
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            <li class="nav-item" data-bs-level="2"><a href="#7" class="nav-link">7. 风控管理</a>
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            <li class="nav-item" data-bs-level="2"><a href="#8" class="nav-link">8. 交易频率</a>
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            <li class="nav-item" data-bs-level="2"><a href="#9" class="nav-link">9. 策略特点</a>
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            <li class="nav-item" data-bs-level="2"><a href="#10" class="nav-link">10. 手动实操步骤</a>
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<h1 id="pb">低PB小市值低换手策略</h1>
<h2 id="1">1. 策略分类和核心逻辑</h2>
<ul>
<li>一级分类：价值投资 + 市场有效性</li>
<li>二级分类：低估值 + 小市值 + 低关注度</li>
<li>核心逻辑：通过低PB（市净率）筛选低估股票，结合小市值和低换手率特征，寻找市场关注度低但具备价值回归潜力的标的。</li>
</ul>
<h2 id="2">2. 选股条件</h2>
<ul>
<li>选股范围：全市场A股</li>
<li>核心指标：</li>
<li>低市净率（PB Ratio）</li>
<li>小市值（Market Cap）</li>
<li>低换手率（Turnover Ratio）</li>
</ul>
<h2 id="3">3. 核心筛选流程</h2>
<p>第一步：基础数据获取
- 数据字段：
  - 市值（market_cap）
  - 市净率（pb_ratio）
  - 换手率（turnover_ratio）
  - 股票代码
- 数据时点：调仓日前一个交易日</p>
<p>第二步：双重筛选机制</p>
<p>筛选路径1：低PB + 低换手
- 第一步：按PB升序排列，选取前20只
- 第二步：在低PB股票中，按换手率升序排列，选取前10只</p>
<p>筛选路径2：小市值 + 低换手
- 第一步：按市值升序排列，选取前20只
- 第二步：在小市值股票中，按换手率升序排列，选取前10只</p>
<p>第三步：流动性过滤
- 排除ST股票：财务状况异常
- 排除停牌股票：无法正常交易
- 排除涨停股票：无法买入</p>
<h2 id="4">4. 买入条件</h2>
<ul>
<li>估值信号：</li>
<li>PB估值处于市场低位</li>
<li>市值规模较小</li>
<li>市场关注度低（换手率低）</li>
<li>流动性确认：</li>
<li>正常交易状态</li>
<li>非涨停状态</li>
<li>可正常买入</li>
<li>仓位控制：</li>
<li>等权重分配资金</li>
<li>月度调仓频率</li>
<li>完全轮换机制</li>
</ul>
<h2 id="5">5. 卖出条件</h2>
<ul>
<li>定期卖出：</li>
<li>每月调仓时全部卖出</li>
<li>完全轮换持仓</li>
<li>强制卖出：不符合新选股标准的持仓</li>
</ul>
<h2 id="6">6. 仓位管理</h2>
<ul>
<li>持仓数量：动态调整（最多10只）</li>
<li>资金分配：严格的等权重分配</li>
<li>调仓频率：每月第一个交易日</li>
<li>交易执行：开盘时完成</li>
</ul>
<h2 id="7">7. 风控管理</h2>
<ul>
<li>质量风控：</li>
<li>排除ST股票</li>
<li>确保财务正常</li>
<li>流动性风控：</li>
<li>排除停牌股票</li>
<li>确保可正常交易</li>
<li>执行风控：</li>
<li>排除涨停股票</li>
<li>确保可买入</li>
</ul>
<h2 id="8">8. 交易频率</h2>
<ul>
<li>选股计算：每月一次</li>
<li>调仓执行：月初开盘</li>
<li>持仓监控：低频监控</li>
</ul>
<h2 id="9">9. 策略特点</h2>
<p>价值投资逻辑：
- 低PB反映估值安全边际
- 小市值具备成长潜力
- 低换手表明市场关注度低</p>
<p>行为金融学基础：
- 利用市场过度反应
- 捕捉价值回归机会
- 逆向投资思维</p>
<p>风险控制特点：
- 分散投资降低风险
- 严格的质量筛选
- 定期的动态调整</p>
<h2 id="10">10. 手动实操步骤</h2>
<p>第一步：数据准备
- 获取全市场基本面数据
- 提取市值、PB、换手率指标
- 确保数据完整准确</p>
<p>第二步：初步筛选
- 按PB升序排列，选取前20只
- 按市值升序排列，选取前20只
- 生成两个候选池</p>
<p>第三步：二次筛选
- 在低PB池中按换手率筛选前10只
- 在小市值池中按换手率筛选前10只
- 合并去重得到最终名单</p>
<p>第四步：流动性验证
- 检查ST状态
- 验证交易状态
- 确认可买入性</p>
<p>第五步：执行调仓
- 清空现有持仓
- 等权重买入新标的
- 完成仓位调整</p>
<p>第六步：持仓管理
- 持有至下次调仓
- 监控持仓表现
- 准备下次调仓</p>
<p>策略优势：
- 明确的估值投资逻辑
- 严格的风险控制体系
- 简单的执行流程
- 历史表现稳健</p>
<p>风险提示：低估值股票可能存在价值陷阱，小市值股票波动性较大。建议结合更多财务指标验证公司质量，注意市场风格轮动对策略的影响。在价值风格占优的市场中表现较好。</p></div>
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